SOL Takes the L, ETH Takes the L Too — But June Still Won't Let Either Catch a Break 🪦

June has delivered sharper losses to $SOL than to $ETH so far this month, with month-to-date declines of 20.5% for Solana and 17.1% for Ethereum at press time, according to market data cited in the source report. Ethereum's drop is already deeper than its historical June average return of -7.68%, while Solana's fall is more severe relative to its typical June performance, even though its historical June average has been less negative on a median basis.

Spot exchange-traded fund flows have done little to cushion the slide. Ethereum Spot ETFs have recorded daily net outflows of approximately $35.59 million at the time of writing, with total net assets near $8.96 billion. Solana's ETF footprint is smaller, with daily net inflow effectively flat and total net assets around $729.15 million. The report noted that $SOL has not seen the same outflow pressure as $ETH, but inflows have also been insufficient to offset the broader sell-off.

Derivatives positioning remains active for both tokens. Ethereum's aggregated Open Interest stood near $10.06 billion, with a funding rate of 0.0040, slightly positive. Solana's Open Interest was around $1.80 billion, with a funding rate of 0.0070, also positive. The report described the mildly positive funding as a sign that traders have not fully exited risk positions, while also indicating that conviction is weaker than earlier in the month and that market direction remains uncertain into the back half of June.